VAN TENDELOO M.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VAN TENDELOO M.
Largest movements
- Receivables within one year -€21,587
down €21,587 (-25.5%), from €84,677 to €63,090
of which Other amounts receivable: -€25,326
- Current investments +€11,016
up €11,016 (+29.4%), from €37,483 to €48,498
- Stocks and contracts -€9,529
down €9,529 (-17.0%), from €55,923 to €46,393
of which Stocks: -€10,695
- Trade debts -€29,102
down €29,102 (-36.2%), from €80,292 to €51,190
- Debts after one year -€20,500
down €20,500 (-32.1%), from €63,800 to €43,300
- Reserves +€16,837
new in 2025: €16,837
- Profit (loss) carried forward +€15,038
no longer reported in 2025 (was -€15,038)
- Other debts -€4,821
down €4,821 (-99.8%), from €4,831 to €10
- Gross operating margin +€25,843
up €25,843 (+25.7%), from €100,410 to €126,253
- Staff costs +€6,922
up €6,922 (+8.9%), from €77,439 to €84,361
- Taxes +€5,799
new in 2025: €5,799
- Financial income +€1,430
up €1,430 (+33.7%), from €4,244 to €5,675
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €183,189 | €164,678 | -€18,511 | -10.1% |
| Fixed assets | 21/28 | €249 | €30 | -€219 | -88.0% |
| Tangible fixed assets | 22/27 | €19 | - | -€19 | |
| Furniture and vehicles | 24 | €19 | - | -€19 | |
| Financial fixed assets | 28 | €230 | €30 | -€200 | -87.0% |
| Current assets | 29/58 | €182,939 | €164,648 | -€18,292 | -10.0% |
| Stocks and contracts in progress | 3 | €55,923 | €46,393 | -€9,529 | -17.0% |
| Stocks | 30/36 | €51,273 | €40,578 | -€10,695 | -20.9% |
| Contracts in progress | 37 | €4,650 | €5,815 | +€1,165 | +25.1% |
| Amounts receivable within one year | 40/41 | €84,677 | €63,090 | -€21,587 | -25.5% |
| Trade receivables | 40 | €54,590 | €58,329 | +€3,740 | +6.9% |
| Other amounts receivable | 41 | €30,087 | €4,761 | -€25,326 | -84.2% |
| Current investments | 50/53 | €37,483 | €48,498 | +€11,016 | +29.4% |
| Cash at bank and in hand | 54/58 | €4,737 | €6,403 | +€1,666 | +35.2% |
| Deferred charges and accrued income | 490/1 | €120 | €263 | +€143 | +119% |
| Total equity and liabilities | 10/49 | €183,189 | €164,678 | -€18,511 | -10.1% |
| Equity | 10/15 | €24,962 | €56,837 | +€31,875 | +128% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | - | €16,837 | +€16,837 | |
| Distributable reserves | 133 | - | €16,837 | +€16,837 | |
| Profit (loss) carried forward | 14 | -€15,038 | - | +€15,038 | |
| Amounts payable | 17/49 | €158,227 | €107,840 | -€50,386 | -31.8% |
| Amounts payable after more than one year | 17 | €63,800 | €43,300 | -€20,500 | -32.1% |
| Other amounts payable | 178/9 | €63,800 | €43,300 | -€20,500 | -32.1% |
| Amounts payable within one year | 42/48 | €88,621 | €59,284 | -€29,337 | -33.1% |
| Trade debts | 44 | €80,292 | €51,190 | -€29,102 | -36.2% |
| Suppliers | 440/4 | €80,292 | €51,190 | -€29,102 | -36.2% |
| Taxes, remuneration and social security | 45 | €3,498 | €8,084 | +€4,586 | +131% |
| Taxes | 450/3 | €1,362 | €5,928 | +€4,566 | +335% |
| Remuneration and social security | 454/9 | €2,135 | €2,156 | +€21 | +1.0% |
| Other amounts payable | 47/48 | €4,831 | €10 | -€4,821 | -99.8% |
| Accrued charges and deferred income | 492/3 | €5,806 | €5,256 | -€549 | -9.5% |
| Remuneration, social security and pensions | 62 | €77,439 | €84,361 | +€6,922 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292 | €19 | -€273 | -93.4% |
| Other operating charges | 640/8 | €851 | €1,292 | +€441 | +51.8% |
| Gross operating margin | 9900 | €100,410 | €126,253 | +€25,843 | +25.7% |
| Operating profit (loss) | 9901 | €21,827 | €40,581 | +€18,754 | +85.9% |
| Financial income | 75/76B | €4,244 | €5,675 | +€1,430 | +33.7% |
| Recurring financial income | 75 | €4,244 | €5,675 | +€1,430 | +33.7% |
| Financial charges | 65/66B | €8,740 | €8,582 | -€158 | -1.8% |
| Recurring financial charges | 65 | €8,740 | €8,582 | -€158 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €17,332 | €37,674 | +€20,342 | +117% |
| Income taxes | 67/77 | - | €5,799 | +€5,799 | |
| Profit (loss) for the period | 9904 | €17,332 | €31,875 | +€14,544 | +83.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,332 | €31,875 | +€14,544 | +83.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.